Hanpass Targets Chinese Remittance Market with Fee Waiver Promotion

Hanpass announced on May 12 that it will run a promotion waiving all domestic and international remittance fees for Chinese customers until the end of June. The fee waiver will be applied automatically upon completion of a transfer, with no separate application required. This move aims to solidify Hanpass's leadership in the remittance market targeting Chinese customers.

The promotion runs from May 12 to June 30, and is automatically applied to customers of Chinese nationality who remit money through the Hanpass app. Notably, the promotion covers not only remittances to China, which are a core part of Hanpass's revenue, but also domestic remittances for Chinese customers. This is expected to provide tangible cost savings for Chinese users who send money monthly.

Hanpass has been accelerating efforts to attract Chinese customers, starting with a remittance partnership agreement with Alipay. Currently, its Chinese remittance partners have expanded to include Alipay, WeChat Pay, and UnionPay. As a result, the number of remittance transactions to China has increased by more than 500% compared to 2023. The company is experiencing rapid growth in the Chinese remittance market, driven by faster transfer speeds and lower fees compared to banks.

The company is continuously improving its services to provide a stable remittance environment and enhance user convenience. Hanpass is optimizing the user experience through features such as automatic recipient storage, real-time transaction notifications, and a 24-hour multilingual customer center. The company is also focusing on preventing financial accidents through an anti-money laundering (AML)-based transaction monitoring system and advanced encryption technology.

Additionally, Hanpass has expanded its global remittance infrastructure through partnerships with major financial institutions in China and Southeast Asia.

Shin Ji-hyun, Chief Business Officer (CBO) of Hanpass, stated, "This fee waiver event was designed to firmly establish Hanpass's advantage in the Chinese remittance market," adding, "We focused on providing tangible benefits to our Chinese customers."

She went on to say, "Going forward, we will continue to strengthen our user-tailored services and expand our local financial networks, not only in China but also to further enhance our competitiveness in the Asian overseas remittance market."

Further details about the promotion can be found on the official Hanpass app and website.